United American Bank Reports Q3 Financial Results; New $10 Million Capital Investment
United American Bank (OTCBB: UABK), reported total assets of $264.9 million at September 30, 2011 as compared to $343.3 million at September 30, 2010. The bank finished fiscal 2010 with total assets of $316.2 million.
United American Bank (UAB) reported total loans outstanding at September 30, 2011 of $218.6 million, as compared to $277.8 million reported at the end of the third quarter of the prior year. Loans outstanding at December 31, 2010 were $261.4 million.
The bank reported total deposits of $254.6 million as of September 30, 2011, compared to total deposits of $314.8 at September 30, 2010. Total deposits at December 31, 2010 were $300.7 million.
UAB reported a net loss for the third quarter of $687,187 as compared to a net loss of $1,148,510 for the third quarter of the prior year, and a loss of $14.2 million for the fourth quarter of 2010. The provision for loan loss was $600,000, and $1,500,000 for the third quarters ended September 30, 2011 and 2010, respectively.New $10 Million Capital Investment UAB and ATBancorp of Dubuque, Iowa, announced on October 31, 2011, the completion of ATBancorp’s initial $10.0 million investment in UAB’s capital stock. The transaction received regulatory approval from the Federal Reserve Board and California Department of Financial Institutions. In addition, the United States Department of the Treasury, as a shareholder of UAB, voted to approve the transaction. With completion of the initial investment, UAB’s capital ratios qualify as “well capitalized” as calculated under customary bank regulatory standards. UAB’s capital had been diminished in recent years by the increase in non-performing loans resulting from poor economic conditions in the hard-hit San Francisco-area commercial real estate market. UAB President and CEO John Schrup stated, “We at United American Bank are pleased that ATBancorp has provided the capital to stabilize the bank and has committed its depth of resources and expertise to help us build a bright, new future along with the businesses and communities we serve.”
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